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Gains Considered Corrective

EURUSD TECHS
  • RES 4: 1.1077 76.4% retracement of the Dec 28 - Jan 5 sell-off
  • RES 3: 1.1046 High Jan 2
  • RES 2: 1.0932/98 High Jan 24 / 5 and a reversal trigger
  • RES 1: 1.0845/98 20-day EMA / High Feb 02
  • PRICE: 1.0782 @ 05:32 GMT Feb 8
  • SUP 1: 1.0724/23 Low Dec 8 / Low Feb 5 and 6
  • SUP 2: 1.0712 61.8% retracement of the Oct - Dec bull leg
  • SUP 3: 1.0656 Low Nov 10
  • SUP 4: 1.0611 76.4% retracement of the Oct - Dec bull leg

EURUSD maintains a bearish theme and the pair continues to trade just above its recent lows. Gains are considered corrective. The recent sell-off confirmed a resumption of the downtrend and maintains the bearish sequence of lower lows and lower highs. Sights are on 1.0724, the Dec 8 low, and 1.0712, a Fibonacci retracement. Clearance of this support zone would strengthen the bearish theme. Key resistance is 1.0932, the Jan 24 high.

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